Hedge funds and money managers cut their bullish stance in COMEX gold contracts to a three-week low in the week ended September 8, US Commodity Futures Trading Commission data showed on Friday. They slashed their net short copper position to the smallest since before the Chinese stock market crash that took place in July.
The speculators cut their net long position in COMEX gold by 16,130 contracts to 28,286 contracts, as US payrolls data failed to allay uncertainty over the prospect of a near-term interest-rate hike from the Federal Reserve. In copper, they sharply reduced their net short position by 11,188 contracts to 4,618 contracts, the smallest since mid-June. They raised their net long position in silver futures and options by 3,645 lot to 7,474 lots, the highest since early June, the data showed.
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